Birkelbach v. Securities and Exchange Comm.

Record contained sufficient evidence to support Commission’s order banning petitioner for life from participation in securities industry, where petitioner had failed to supervise subordinate’s management of clients’ investment accounts, and where subordinate incurred substantial losses in said accounts while generating large commissions from unsuitable and unauthorized trading. Ct. rejected petitioner’s claim that instant complaint was untimely because it had been filed more than five years from date that petitioner first began to supervise subordinate, since failure to supervise is continuing violation rather than indivisible act. Fact that Commission had increased sanction from six months to lifetime ban did not require different result, where plaintiff had been notified that any appeal could result in increased sanction.